Rivian impressed Wall Street with its plans for AI and automation, but significant challenges involving demand and capital remain for the EV maker.

The S&P 500 and the Nasdaq closed down more than 1% on Friday with investors leaving technology for other sectors as Broadcom and Oracle fueled concerns about an AI bubble and rising U.S. Treasury yields added pressure after some policymakers spoke out against easing monetary policy.

Oracle's earnings showed mixed results, leading to an 11% drop. Broadcom's strong earnings overshadowed by warnings of margin pressures.

The valuations of some artificial intelligence companies are approaching those of the dot-com boom. But investors worry that pulling money from today’s market risks future gains.

Being bigger gives you that competitive advantage.” At the same time, mergers are becoming simpler. A surge in interest rates, starting in 2022, left banks nursing vast paper losses on long-term assets,

As widely expected, the Federal Open Market Committee reduced its benchmark interest rate by 25 basis points on Wednesday, its third straight cut.

Wall Street's "fear gauge" was rising on Wednesday ahead of the Federal Reserve's final rate decision of the year. The Cboe Volatility Index, or "VIX," was up 2.6% to 17.34, according to FactSet. The index is a gauge of expected volatility in the the stock market over a 30-day time horizon.

Wall Street ended lower as Nasdaq fell 1.69% to 23195.17, S&P 500 dropped 1.07%, and Dow Jones Industrial Average slipped 0.51%.